10 Biggest Banking Scandals Of 2012

Jamie Dimon, chairman of the board, president and CEO of JPMorgan Chase & Co. testifies before a US Senate Banking Committee full committee hearing on 'A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?'

No year would feel complete without a few high-profile financial scandals.

It's been just fours years since the financial crisis hit yet there's been no shortage of bad behavior among the world's powerful money men and women since then.

This year's financial scandals and trouble makers resulted in billions lost and included a too-big-to-fail bank, a small Iowa-based futures brokerage and a once boring benchmark rate that is suddenly at the center of a massive, global investigation. Criminal charges and prosecutions were few and far between but that's not anything new for the industry. Many of these scandals ended like many before it-with a monetary settlement.

1.First up is perhaps the biggest financial scandal this year. It stemmed from the nation's biggest and arguably safest bank, JPMorgan Chase. In May chief executive and Wall Street poster boy Jamie Dimon revealed that his bank had suffered a massive trading loss initially reported to be $2 billion. That $2 billion turned into roughly $5.8 billion loss.

While there was no wrongdoing at hand Dimon did find himself front and center testifying not once but twice before members of Congress. His long-time, trusted CIO Ina Drew lost her job amid the loss as well as a handful of other executives. The trading mess left JPM with billions less but perhaps more significantly put a mark on Dimon's previously stellar reputation.